NEW YORK CITY — Walker & Dunlop Inc. has arranged a $52.5 million refinancing for 153 Remsen, a recently constructed multifamily property in the Brooklyn Heights neighborhood of Brooklyn. The property, which was delivered in June 2017, includes 60 units and features floor-to-ceiling windows, central air conditioning and in-unit washers and dryers. Amenities include a fitness center and a rooftop terrace with views of Brooklyn and Manhattan. Walker & Dunlop represented the property’s developers, Quinlan Development Group and Lonicera Partners, in refinancing the original construction loan. A life insurance company provided the permanent, 12-year, fixed-rate loan.
CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …
OKLAHOMA CITY — Metropolitan Capital Advisors Ltd. (MCA) has closed a $33.7 million floating-rate bridge loan for J Marshall Square, a 280-unit multifamily community in Oklahoma City. The sponsor, local developer Gardner Tanenbaum Holdings, will use the proceeds to retire existing construction debt. The bridge structure will also help the borrrower facilitate the lease-up and stabilization of the property. Sunny Sajnani and Todd McNeill of MCA arranged the loan through Centennial Bank.
SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.
ALEXANDRIA, VA. — A joint venture between Novare Group, Mulberry Development Group and Mill Green Partners has broken ground on Cameron Park, a 302-unit apartment community located adjacent to the Van Dorn Metro Station in Alexandria, roughly eight miles south of Washington, D.C. The community will offer a mix of studio to three-bedroom units. Amenities at Cameron Park will include a pool with sundeck, grilling stations, outdoor cabanas, fitness center, separate yoga room, clubroom, game room, cyber café, business center and private offices. KTGY is the project architect, and Fortune-Johnson is the general contractor. Preferred Apartment Communities (PAC) and Citizens Bank are providing construction financing for the project. PAC provides mezzanine loans to development projects and also enters into purchase options to acquire the projects once stabilized. Construction on Cameron Park is scheduled to take 24 months, with the first move-ins expected in the first quarter of 2020.
GLENVIEW, ILL. — Associated Bank has completed a $39.2 million syndicated construction loan for a 168-unit, age-restricted apartment project in Glenview, about 15 miles northwest of Chicago. As lead arranger for the loan, Associated Bank is holding $22.2 million while $17 million is syndicated to Great Southern Bank. High Street Residential, the residential subsidiary of Trammell Crow Co., is developing the project. Krusinski Construction Co. is the general contractor. The four-story property will include a mix of one- and two-bedroom units with an average unit size of 865 square feet. The project also includes a 168-space parking garage. Units are slated to be available for rent by winter 2019. Ted Notz of Associated Bank arranged the loan.
NEW YORK CITY — A&E Real Estate Holdings has acquired a six-building, 428-unit multifamily portfolio in Flushing, Queens for $127.5 million. The 388,768-square-foot portfolio sold for 15.3 times the current annual rent roll at a 3.85 percent capitalization rate. Rosewood Realty Group’s Aaron Jungreis represented both the seller, Treetop Development and the buyer, A&E, in the transaction. The properties are located at 132-57 and 132-61 Sanford Ave.; 132-25 and 132-45 Maple Ave.; 132-48 41st Road; and 41-40 Denman St. Each property also includes an indoor parking garage.
NEW YORK CITY — Ariel Property Advisors has arranged $6 million in acquisition financing for a multifamily portfolio in Brooklyn. The properties are located in the Bedford-Stuyvesant, Bushwick and Prospect Lefferts Gardens neighborhoods of Brooklyn. Ariel Property Advisors arranged a five-year term with 30-year amortization and 75 percent loan-to-value for the borrower, a foreign national. The lender was undisclosed.
PERTH AMBOY, N.J. — Gebroe-Hammer Associates has negotiated the sale of Spring Cove Apartments, a 38-unit, age-restricted community for people age 55 and older in Perth Amboy. The asset traded for $5.6 million. Gebroe-Hammer represented the seller, 675 New Brunswick Avenue LLC, in the transaction. The buyer was a private investor. Located at 75 New Brunswick Ave., the four-story gated property features a lounge and activity area, in-unit washers and dryers, oversized windows, eat-in-kitchens and ceramic-tile floors.
WAUKEE, IOWA — Besyata Investment Group and The Scharf Group have acquired Autumn Ridge Apartments in Waukee for $58 million. The purchase will be completed in two phases, as the second half of the apartment property has yet to be constructed. Jeff Seidenfeld of Eastern Union arranged a $27.5 million, 85 percent loan-to-value bridge loan with Greystone for the first phase of the acquisition, which comprises 236 units. Upon completion, the Class A property will total 434 units. HFF brokered the sale of the property and represented the undisclosed seller. BH Management will handle property management and leasing. Both Besyata and Scharf groups are based in New York.